TCI Q1 2026: Chris Hohn's 10-Stock, GE-Anchored Book

Few large investors concentrate like TCI Fund Management. The activist firm run by Chris Hohn disclosed a $45.17B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001647251-26-000004, filed 2026-05-15) — and it holds just ten positions. The single largest, GE Aerospace (GE), is $13.48B, or 29.85% of the entire portfolio. The top five holdings account for roughly 85% of the book. This is conviction investing taken to its logical extreme.

What a casual 13F summary misses is the quarter's deliberate reshaping inside that tiny book. TCI added to nearly all of its quality-compounder holdings — S&P Global (SPGI) by 19%, Alphabet's GOOG shares by 17%, Visa (V) by 10%, and Moody's (MCO) by 8% — while slashing Microsoft (MSFT) by 84% and opening a new GOOGL position. In a ten-stock portfolio, every one of those moves is a major capital-allocation decision.

The throughline is unmistakable: TCI is doubling down on dominant, toll-booth-like businesses — ratings, payments, an aerospace duopoly, and railroads — while rotating its big-tech exposure from Microsoft toward Alphabet.

The most concentrated of the large filers

Behind GE Aerospace sit Visa at 20.39%, Moody's at 13.84%, S&P Global at 13.22%, and Canadian Pacific Kansas City (CP) at 8.10%. Those five names alone are about 85% of the book.

The remainder is almost as telling: Alphabet via both GOOG and a new GOOGL stake, a Netherlands-listed infrastructure position in Ferrovial, Canadian National Railway (CNI), and the residual Microsoft holding. TCI's portfolio is a curated list of businesses with pricing power, high barriers to entry, and durable cash flows — the kind of names an activist can hold for years and engage with directly.

The quarter's capital allocation

The position changes show TCI reinforcing its thesis. The 19% increase in S&P Global and 8% in Moody's deepen its bet on the ratings-and-data oligopoly; the 10% add to Visa extends its payments exposure; and the GE Aerospace anchor was held roughly flat at nearly 30% of the book.

The standout reduction was Microsoft, cut by 84% in share terms, paired with an increased Alphabet position through GOOG and a new GOOGL stake. For a fund with only ten holdings, rotating from one mega-cap technology platform to another is a pointed expression of relative preference — TCI now favors Alphabet over Microsoft within its limited big-tech allocation.

What it means for 13F readers

TCI is the clearest example in large-cap 13F data of an activist running a high-conviction, low-name-count book. Because it holds so few positions, every change is signal: there is no long tail to dilute the meaning. The names to watch are the GE Aerospace anchor and the ratings-and-payments cluster, where TCI keeps adding. Track the firm's quarter-over-quarter holdings on the TCI Fund Management filer page.

FAQ

What is TCI Fund Management?

TCI Fund Management is the activist investment firm led by Chris Hohn. It disclosed a $45.17B U.S. equity 13F book for the quarter ended March 31, 2026, across just ten positions.

What is TCI's largest holding?

GE Aerospace (GE) is by far the largest position at $13.48B, or 29.85% of the entire book — nearly a third of the portfolio in a single name.

What did TCI buy and sell in Q1 2026?

TCI added to S&P Global (+19%), Alphabet's GOOG shares (+17%), Visa (+10%), and Moody's (+8%), opened a new GOOGL position, and cut Microsoft by 84% in share terms.

How concentrated is TCI's portfolio?

Extremely. TCI holds only about ten positions, with its top five — GE Aerospace, Visa, Moody's, S&P Global, and Canadian Pacific — making up roughly 85% of the book.